Lead Enrichment: What Is It And Why Is It Essential For Sales Lead Enrichment?
Lead enrichment is an essential element for the growth of sales. The aim of any company is naturally to focus on sales growth and to make the task easier there are several tools available in the market. Lead enrichment also makes use of such tools to stay up-to-date and help the marketing team to work in sync with the leads that generate more sales.
Why is lead enrichment vital for your business? Let us find out in detail below.
But first, what is lead enrichment?
Lead enrichment is the process of collecting and compiling data about leads to add to the already existing pool of information. It ensures that the leads in your system are as up-to-date as possible with the latest information available. It helps enable the marketing team to enhance its outreach process. Most big companies either conduct the lead enrichment process manually or use third-party system software which makes the job easier, faster, and much more convenient for the team. With the software, the information is automatically filled in when a lead enters.
So, why is lead enrichment even required?
For starters, it can help to certify the leads in your company system. Not only that, but it also lets your team be more productive when it comes to interacting with prospective customers. When all the updated information is recorded and available with easy access, it is simpler to create a tailored outreach program that will be directed towards the leads. Companies use many tools for this purpose. Without a lead enrichment process, the tea would have to go through every contact individually and update it, which would be a tedious task. Having leads updated with the latest information avoids any unwanted shocks or surprises in the discovery phase of the sales project.
When does your company require lead enrichment?
As a company, you will require lead enrichment when:
- There are many leads to process,
- Your product has a specific niche,
- Your general sales rate is low
How can it help to boost sales for your company?
- Lead enrichment helps to understand if the lead is fit as a prospective customer. In simple terms, the more data you have about a lead, the clearer idea you will have of whether they would be suitable for your product. This basic information makes a huge impact on the sales of the product. If your lead isn’t suitable, then they simply won’t buy your product, no matter how good the sales pitch.
- In order to make a good sales pitch, the sales team will require a whole lot of information. Lead enrichment will make this information accessible in the form of data to the team so they can design a proper sales pitch with quality content, by using the right communication channels, and targeting the correct audience.
- Outdated data will give you false leads. It is entirely possible that a lead was a good fit for your product but is no longer suitable because of their changed preferences or any other reasons. In such a situation, if you are unaware of this information, chasing that lead will be a colossal waste of time. So, lead enrichment can avoid such negative effects on your sales strategy.
Where is this data available?
You can find data from a variety of sources. If your company uses third-party software, then the job is done by itself, but if you are doing it manually, then you could find the data on sites such as LinkedIn which is used for company size, employee information, contact numbers, etc., Google for news-specific data, company websites for data specific to a certain company, etc. It is important to remember three main criteria while looking for data:
- It has to be from a reliable source,
- It should be easily transferrable,
- It shouldn’t be hard to access the information.
Keeping these three factors in mind, a manual job will be fool-proof too.
Lead enrichment is just one of the many processes required for the growth of a company sales-wise. If done the right way and consistently, you can look forward to generating higher profits and conducting business successfully.